Product _______ may create _______ trade between countries, particularly in those with similar relative factor endowments.
A) homogeneity; the absence of
B) differentiation; one-way
C) differentiation; two-way
D) liability; two-way
Ans: C) differentiation; two-way
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The cross price elasticity of demand is defined as
A) the percentage change in the supply for one good (a shift in the supply curve) divided by the percentage change in price of a related good. B) the percentage change in demand for two different commodities. C) the percentage change in the demand for one good (a shift in the demand curve) divided by the percentage change in price of a related good. D) the percentage change in price for two different commodities.
Output per labor-hour is used to measure the ________ of labor.
A. productivity B. effort C. intelligence D. seriousness
Recall the Application about price discrimination using refillable soda bottles to answer the following question(s).According to the Application, who are the customers who have a more elastic demand?
A. the consumers who bring refillable bottles to get a discount B. the consumers who buy the disposable bottles C. all consumers D. the consumers who do not buy soda through refillable or disposable bottles
One argument for an independent central bank is:
A. the central bank usually hires more competent individuals than the Treasury department or other finance ministries. B. without independence competent people would not take a position in a central bank. C. central bankers have a short-run focus that usually corrects problems faster. D. successful monetary policy requires a long time horizon usually well beyond the next election of most public officials.